Casco town hall project running under budget

June 23rd, 2016

By Dawn De Busk

Staff Writer

CASCO — The Town Hall construction project is coming in at a lower cost than originally anticipated.

“We are about 20 percent under budget,” according to Casco Town Manager Dave Morton, adding that most of the expenses are accounted for since the town has lined up contractors to do different phases of the job.

The groundbreaking happened on May 9, and Morton projected that the building could be completed in late August or early fall.

“It looks like we are about 20 percent under budget. That is about $30,000 less,” he said.

During Town Meeting in 2015, voters approved $600,000 to build a new town office on the existing property.

On Tuesday, the Casco Board of Selectmen gave the authorization for the town to apply for a one-year Bond Anticipation Note (BAN).

“It’s only for the town office. The BAN is for $600,000, and if we don’t spend that, we will use funds to repay it when the bond comes due,” Morton said.

“We are doing this rather than a full bond (because) we aren’t certain what voters will do,” Morton said. “We don’t have time to do a full bond.”

At Casco Town Meeting, which takes place after The Bridgton News goes to press, there are several Warrant Articles involving proposed 10-year bonds to complete road reconstruction and replace the Pleasant Lake-Parker Pond Dam.

If one of the bonds passes, “we would wrap this into that. It would give us a better basis for borrowing long-term. We would get a better rate,” Morton said.

“The BAN is timed to allow us to go and do a full bond. It will give us time to arrange for long-term financing for town projects,” he said.

The Town of Casco needs the approved funding in order to pay contractors for work so far.

“As you can see, we are into the project” of constructing the new town office, Morton said.